Adding baby to insurance

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mana84 said:

I would suggest you use the money you set aside for 'college savings' for the baby to pay the premiums, if it comes to that. You will have to pay a penalty to take they money back out of the IRA. You won't have a penalty or tax to pay if you just put this college money into a taxable account, which I assume you did since you couldn't have funded a 529 yet without a social security number. 

I think it actually is a 529. I'm not positive though. We worked with a financial advisor and he set it up. It is tax free because it is specifically designated for college and it gains interest over time. It's there as a last resort if we need it but I think we're actually looking ok now.

sxymamakat

TheAnne said:

am I the only one that REALLY wants to know what game show and how much?  I am nerdy but I think that's so neat/cool/interesting. 

I think she said Who Wants to Be a Millionaire from last November.  

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TheAnne said:

sxymamakat said:

TheAnne said:

am I the only one that REALLY wants to know what game show and how much?  I am nerdy but I think that's so neat/cool/interesting. 

I think she said Who Wants to Be a Millionaire from last November.  

oh.  I pay attention....


Lol it's cool, I said it on another thread. And I won $57,600. Now I feel like I have to tell the breakdown of what we did with it. About $13,500 went to taxes, we used about $12,000 to pay off revolving debt, spent close to $7,000 helping out my family and friends, another $1,500 donated to religious organizations at our alma mater, around $1,000 on super awesome Christmas presents for everyone, about $2,000 on a babymoon, $5,000 in the IRA, $3,000 in the college savings, $5,000 set aside to cover my maternity leave, and now I can't remember about the other $7k.... But we acted like fucking royalty for a while before I realized too late how insurance was gonna work.

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tundrabunny said:

livelaughlove88 said:

TheAnne said:

sxymamakat said:

TheAnne said:

am I the only one that REALLY wants to know what game show and how much?  I am nerdy but I think that's so neat/cool/interesting. 

I think she said Who Wants to Be a Millionaire from last November.  

oh.  I pay attention....

Lol it's cool, I said it on another thread. And I won $57,600. Now I feel like I have to tell the breakdown of what we did with it. About $13,500 went to taxes, we used about $12,000 to pay off revolving debt, spent close to $7,000 helping out my family and friends, another $1,500 donated to religious organizations at our alma mater, around $1,000 on super awesome Christmas presents for everyone, about $2,000 on a babymoon, $5,000 in the IRA, $3,000 in the college savings, $5,000 set aside to cover my maternity leave, and now I can't remember about the other $7k.... But we acted like fucking royalty for a while before I realized too late how insurance was gonna work.




Interesting. That's still better than the folks that win the lottery and then declare bankruptcy a few years later. I don't think most people are mentally prepared to manage a sudden windfall of money. I would also think that many people that do get a chunk of change like that all at once probably put nothing in retirement, college savings or savings for maternity leave. So, sure, you could've done it better now that you know what you know, but I wouldn't beat myself up over how I did do it, if I were you.


Thanks, my mom said the same thing about the lottery winners. And I keep telling myself that we were mostly responsible with it and we helped a lot of people. A friend of ours has been stuck at 3 classes away from graduating college, but couldnt take them even at a community school because he still owed the university around $1500 from 3 years ago and his transcript was on hold. He also has a ton of medical bills from getting cancer treatment last year (he's cancer free now, woo!), so we paid the school bill for him. My best friend's mom is effectively home bound from a severe surgery that just won't heal and can't get any assistance that she should be entitled to, so we gave her $1,000. We also paid to fly my brother's family of 4 to New Jersey this Thanksgiving to see my mom (and we'll drive out) because I haven't had a holiday with him since I was probably 8. We also wrote him and my mom a check for $1,000 each to help out because they're struggling, and I put $1,000 towards the wedding bills my dad is still paying off. And the Christmas gifts were a long time coming because my in laws have always been very generous to us and I really wanted to finally reciprocate at least a little.

Not trying to get points or anything, it just makes me feel better when I talk through it and remember that my loved ones are struggling more than I am and I helped them out.

Salsera29

@livelaughlove88‌ I think you really need to try to stop feeling guilty about how you spent that money. You aren't in an ideal situation right now but it seems like you have a perfectly good head on your shoulders and you will figure out what you need to do.

blacktie3

livelaughlove88 said:

livelaughlove88 said:

sxymamakat said:

TheAnne said:

am I the only one that REALLY wants to know what game show and how much?  I am nerdy but I think that's so neat/cool/interesting. 

I think she said Who Wants to Be a Millionaire from last November.  

oh.  I pay attention....

Lol it's cool, I said it on another thread. And I won $57,600. Now I feel like I have to tell the breakdown of what we did with it. About $13,500 went to taxes, we used about $12,000 to pay off revolving debt, spent close to $7,000 helping out my family and friends, another $1,500 donated to religious organizations at our alma mater, around $1,000 on super awesome Christmas presents for everyone, about $2,000 on a babymoon, $5,000 in the IRA, $3,000 in the college savings, $5,000 set aside to cover my maternity leave, and now I can't remember about the other $7k.... But we acted like fucking royalty for a while before I realized too late how insurance was gonna work.

Interesting. That's still better than the folks that win the lottery and then declare bankruptcy a few years later. I don't think most people are mentally prepared to manage a sudden windfall of money. I would also think that many people that do get a chunk of change like that all at once probably put nothing in retirement, college savings or savings for maternity leave. So, sure, you could've done it better now that you know what you know, but I wouldn't beat myself up over how I did do it, if I were you.

Thanks, my mom said the same thing about the lottery winners. And I keep telling myself that we were mostly responsible with it and we helped a lot of people. A friend of ours has been stuck at 3 classes away from graduating college, but couldnt take them even at a community school because he still owed the university around $1500 from 3 years ago and his transcript was on hold. He also has a ton of medical bills from getting cancer treatment last year (he's cancer free now, woo!), so we paid the school bill for him. My best friend's mom is effectively home bound from a severe surgery that just won't heal and can't get any assistance that she should be entitled to, so we gave her $1,000. We also paid to fly my brother's family of 4 to New Jersey this Thanksgiving to see my mom (and we'll drive out) because I haven't had a holiday with him since I was probably 8. We also wrote him and my mom a check for $1,000 each to help out because they're struggling, and I put $1,000 towards the wedding bills my dad is still paying off. And the Christmas gifts were a long time coming because my in laws have always been very generous to us and I really wanted to finally reciprocate at least a little. Not trying to get points or anything, it just makes me feel better when I talk through it and remember that my loved ones are struggling more than I am and I helped them out.

Tell the friends and family that its time for repayment!

colorsplashstudio

All good points! I think something to look at too is your family deductible. Considering we are having our babies in July it kind of works out I think because we choose a plan with a higher premium and lower deductible, so by the time baby arrives our deductible will be met, so...something to think about when thinking about your portion of baby costs.